I went to Toronto is City Hall with my classmates and teacher last Wednesday . There was a free presentation which talked about how to write a business plan and what the general content of one consists of.
Every successful business person must have a plan. A good plan looks like a "road map" which shows you where are you going, how to get there, how to understand your capabilities and how to understand your business' needs.
There are some necessary and important elements that should be thought about before starting a business. For example, assessment risks, financial capabilities-including creation of a financial statement, such as the income statements, balance sheets and cash flows. How do you identify the key risk factors for your business? You should always ask yourself hard questions because every war start from the peacetime. Your company will succeed if you are aware of the risks. That will help you overcome difficult conditions/situations.
I learnt to do the SWOT analysis ( Strengths, Weaknesses, Opportunities, Threats) in university. It is a good way to analyze your business and give you a basic planning framework.
Every business plan should include key benchmarks and common mistakes. At the same time, avoid putting all your eggs in one basket. Look at different revenue streams, and place equal weight on each stream.
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